Wells Fargo fires 5300 employees

[LPMan59]

5,300 Wells Fargo employees fired over 2 million phony accounts - Sep. 8, 2016

for widespread fraud. Sorry if this is a dupe.

$185 million in fines paid to the fed. Who goes to jail? No one. Just like with all the bankers who helped cause the economy to crash. Pay a fine. Fire some people. Life goes on for the upper tier.

 

[churchmouse]

5,300 Wells Fargo employees fired over 2 million phony accounts - Sep. 8, 2016

for widespread fraud. Sorry if this is a dupe.

$185 million in fines paid to the fed. Who goes to jail? No one. Just like with all the bankers who helped cause the economy to crash. Pay a fine. Fire some people. Life goes on for the upper tier.

We can no longer rely on the honesty of those who handle our money.
When our 401K's were tanking in 06 or so I started calling about them when I saw what was going on. I asked when they were going to inform the folks that their retirement dreams were flushing down the crapper. Answer.....we weren't. Did not want a cash out panic.......WTF

 

[spec4]

During my banking career I saw the transition that turned customer contact employees into salespeople. It got to be disgusting and attracted hustlers. Employees were given regular sales quotas, often unrealistic.
I saw many of the old timers leave, not wanting to work in that environment.

As a dept. head, I was required to provide an annual forecast of volume, profit, etc. towards yearend. No matter what we forecast as a group, it was not enough. They would generally raise the expectations by about 10% minimum. Funny thing is, we always made a decent profit but the head folks were never happy.

When employees were given commissions as incentives there was a human tendency not to think what was best for the customer, but rather what they had to hustle to get the best commission.
Lucky for me I was able to bail out before it got worse.

 

[david890]

When employees were given commissions as incentives there was a human tendency not to think what was best for the customer, but rather what they had to hustle to get the best commission.

And thus the F-35 was born. Yes, Lockheed is getting "performance" bonuses for that POS...

 

[LPMan59]

And thus the F-35 was born. Yes, Lockheed is getting "performance" bonuses for that POS...

That's the second time you've dumped on the f35. Why the hate bro? .

Lolz

 

[Spear Dane]

Anyone that keeps their money in those "to big to fail" banks kinda deserves the fleecing they are probably getting.

 

[LPMan59]

Anyone that keeps their money in those "to big to fail" banks kinda deserves the fleecing they are probably getting.

victim blaming for the win (In my best Kut voice)

 

[Hohn]

That's the second time you've dumped on the f35. Why the hate bro? .

Lolz

Because think of all the "Free" college that money could've purchased...

 

[Leadeye]

Decisions like this are made by people interested in making money, they weigh the risk against the reward. There's no personal risk as LPMan59 has pointed out, chances of getting caught small and the rewards are large. Change the laws so that all the leadership involved in the decision get 20 years on the chain gang picking up trash or filling potholes on county gravel roads and this won't happen.

Always follow the money

 

[Jludo]

Decisions like this are made by people interested in making money, they weigh the risk against the reward. There's no personal risk as LPMan59 has pointed out, chances of getting caught small and the rewards are large. Change the laws so that all the leadership involved in the decision get 20 years on the chain gang picking up trash or filling potholes on county gravel roads and this won't happen.

Always follow the money

Not only the chance of getting caught is small but even if you do get caught the punishment is relatively meaningless.

 

[david890]

That's the second time you've dumped on the f35. Why the hate bro?

Because it's a $1.3T disaster, Lockheed mgmt is getting paid BONUSES for a weapon that doesn't work and is far behind schedule, and everyone knew it was a turkey going in. As others have stated, "Jack of all trades, master of none."

 

[david890]

Because think of all the "Free" college that money could've purchased...

Consider this: Harvard has an endowment fund of ~ $34B. If they paid the tuition, room & board, and books & fees of all of its students, the cost would be in the neighborhood of $100M. That's 0.29% of the fund. Even if they weren't collecting interest on that endowment fund, Harvard could give all of its students a free ride for the next 100 years.

But tell me again why tuition at IU and Purdue is going up at several times the rate of inflation...

 

[BugI02]

Because those Universities may be not for profit; but their employees are, shall we say, not as principled

 

[david890]

Because those Universities may be not for profit; but their employees are, shall we say, not as principled

No, we shall not say. Less principled than whom? You? Give me proof of the malfeasance of an entire profession.

/All Muslims bad.
//All Mexicans rapists
///All professors unprincipled.

 

[amboy49]

During my banking career I saw the transition that turned customer contact employees into salespeople. It got to be disgusting and attracted hustlers. Employees were given regular sales quotas, often unrealistic.
I saw many of the old timers leave, not wanting to work in that environment.

As a dept. head, I was required to provide an annual forecast of volume, profit, etc. towards yearend. No matter what we forecast as a group, it was not enough. They would generally raise the expectations by about 10% minimum. Funny thing is, we always made a decent profit but the head folks were never happy.

When employees were given commissions as incentives there was a human tendency not to think what was best for the customer, but rather what they had to hustle to get the best commission.
Lucky for me I was able to bail out before it got worse.

Spec 4,

Tried to send you a pm. Your mail box is full.

 

[Stickfight]

Change the laws so that all the leadership involved in the decision get 20 years on the chain gang picking up trash or filling potholes on county gravel roads and this won't happen.

Why do you think the government can protect you from this?

Right now every entity that does business with Well Fargo should be considering what they can do to move that business elsewhere. If people aren't even willing to do that and punish Wells Fargo in the marketplace what impact could the government possibly have?

 

[BugI02]

No, we shall not say. Less principled than whom? You? Give me proof of the malfeasance of an entire profession.

/All Muslims bad.
//All Mexicans rapists
///All professors unprincipled.

Parse the sentence, boy. The priciple under discussion was 'not for profit'. Are the professors and administrators working pro bono?

Where is that box of crayons

 

[david890]

Parse the sentence, boy. The priciple under discussion was 'not for profit'. Are the professors and administrators working pro bono?

Where is that box of crayons

"Boy"? Seriously?

First, even at "non-profit" and "not-for-profit" institutions (they are not the same thing), the cost of employees is factored into the accounting, but we weren't discussing pay; you were implying that employees are somehow "less principled". Less principled than whom? You?

Second, your statement contained TWO issues: the type of institution (not for profit) AND the principles of its employees. Do the "less principled" include secretaries, janitors, accountants, PR, etc., or just "professors"?

 

[Bill of Rights]

CHILDREN....

Keep the discussion to the topic and off of each other.

Want to to say something snarky? Here's a pro tip: don't, unless you want a vacation from here.
Want to say something to bait other members into the above? That's called trolling, and you'll ride the same hammer.

As to my salutation above, when I feel like I'm addressing 2nd graders, that's what will be said.
If you want to be addressed as gentlemen, act accordingly.

and yeah, this is your in-thread warning.

Blessings,
Bill

 

[Timjoebillybob]

Consider this: Harvard has an endowment fund of ~ $34B. If they paid the tuition, room & board, and books & fees of all of its students, the cost would be in the neighborhood of $100M. That's 0.29% of the fund. Even if they weren't collecting interest on that endowment fund, Harvard could give all of its students a free ride for the next 100 years.

But tell me again why tuition at IU and Purdue is going up at several times the rate of inflation...

Harvard distributed about 1.6 billion of its endowment fund during the 2014-2015 fiscal year, total operating expenses were around 4.5 billion. So well less than 10 years not including interest. The 10 year average for most college endowment funds is currently below maintenance levels. That's also not considering that about 70% of Harvard's 1700 or so endowments are restricted use and about 80% are dedicated to one or another of Harvard's 12 schools.

Why is tuition going up? Multiple reasons, one of which is supply and demand. Demand is increasing at a higher rate than supply. Some other reasons are BS classes that students either take themselves or are forced to take. I know someone that graduated a few of years ago, they were required to take a health class, sounds okay right? Do you know what some of the options were? I'm not sure of them all, but the one they chose was "walking 101". I don't believe that was the actual name, but the class entailed walking around campus in groups. That's well worth paying how much for? How about wine tasting? Or taco literacy? That person graduated with a degree in music, not sure what actual one, they changed it a couple of times and took 5 or 6 years to get that 4 year degree. They have never had a job with anything to do with music. Or another person I know that graduated with a 4 yr degree in Japanese language, who is a dog groomer.

But here are a few articles that explain it.
Why college costs are going up
How The Cost Of College Went From Affordable To Sky-High : NPR
Why the Government is to Blame for High College Costs | US News Opinion